- For decades, the Federal Reserve has published data on the money supply, and for many years the Fed set targets for money supply growth.
- In the past two decades, a number of developments have broken down the relationship between money supply growth and the performance of the U.S. economy.
- In July 2000, the Federal Reserve announced that it was no longer setting target ranges for money supply growth.
- In March 2006, the Board of Governors ceased publishing the M3 monetary aggregate.
The Federal Reserve System and public- and private-sector analysts have long monitored the growth of the money supply because of the effects that money supply growth is believed to have on real economic activity and on the price level. Over time, the Fed has tried to achieve its macroeconomic goals of price stability, sustainable economic growth, and high employment in part by influencing the size of the money supply.